RE: UK Crypto, Stablecoin Laws Approved by Parliament's Upper House20 Jun 2023 07:18
This could be the reason why FCA was awaiting confirmation before approving the sandbox stablecoin πͺ application.
It makes sense now!
The Financial Services and Markets Bill (FSMB) was approved by the House of Lords on June 19, 2023. The bill includes provisions for regulating crypto and stablecoins πͺ, as well as providing crypto promotion supervisions.
The approval of the FSMB is a significant step forward for crypto regulation in the UK. The bill will give the Financial Conduct Authority (FCA) the power to regulate crypto and stablecoins, which will help to protect consumers and investors. The bill will also help to promote the UK as a global hub for cryptoasset technology.
The amendments to the FSMB that were added during the parliamentary process were largely welcomed by the crypto industry. The amendments clarified that the bill would not apply to decentralised finance (DeFi) platforms, and they also included provisions for protecting consumer privacy.
The approval of the FSMB is a positive development for the UK crypto industry. The bill will provide much-needed clarity and certainty for businesses operating in the crypto space, and it will help to promote the UK as a global hub for cryptoasset technology.
Here are some additional details about the FSMB:
π The bill will require cryptoasset businesses to be authorised by the FCA.
π The bill will give the FCA the power to regulate cryptoasset exchanges, custodians, and trading venues.
π The bill will also require cryptoasset businesses to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
π The bill will come into effect in two stages, with the first stage coming into effect in 2023 and the second stage coming into effect in 2024.
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